New River Valley Times

UVA Leverages $100 Million Gift To Launch Paul and Diane Manning Institute of Biotechnology To Transform Health Care

The University of Virginia announced plans today to launch a biotechnology institute that positions UVA at the very forefront of cutting-edge medicine, such as cellular and gene therapies that revolutionize how diseases are treated and cured. The new institute is made possible in large part due to a $100 million gift from the couple after whom it will be named.

UVA’s new Paul and Diane Manning Institute of Biotechnology will advance research in these areas for the benefit of patients everywhere and, closer to home, ensure that no Virginian needs to leave the state for even the most complex care. Paul Manning is the chair and chief executive officer of PBM Capital, a health care-focused investment firm. 

In addition to transforming health care delivery across the state, UVA’s ambitious plans will significantly boost the economies of both Central Virginia and the entire commonwealth. The Manning Institute is anticipated to generate hundreds of jobs directly, as well as potentially thousands indirectly. It is also anticipated to attract pharmaceutical and biotech companies to what is expected to become a major hub for research and manufacturing centered around UVA’s new state-of-the-art biotech facility. The added economic impact is anticipated to be significant over the coming years.

In addition to the generous gift from Paul and Diane Manning, the first phase of the institute will be funded by a substantial initial investment of $50 million from the Commonwealth of Virginia and $150 million from UVA, for a total initial investment of $300 million.

“We live in an incredibly exciting time of discovery in medicine – and the Manning Institute will ensure UVA remains at the forefront of research and patient care,” UVA President Jim Ryan said. “Paul and Diane Manning’s extraordinary gift will mean new treatments and therapies for the patients who need them most, and I’m immensely grateful for their generosity and vision. Importantly, this transformational investment in health care for Virginians was also made possible by critical support from Gov. Youngkin and key leaders in the General Assembly.”

Virginia Gov. Glenn Youngkin hailed the institute as a major victory for the state’s residents and its economy, noting that the economic impact will ripple outward for years to come.

“The announcement of the cutting-edge Paul and Diane Manning Institute of Biotechnology represents a critical step in Virginia’s rise in the biotech industry,” Youngkin said. “This major investment will help attract pharmaceutical companies to the commonwealth and further my administration’s commitment to develop a thriving health care system. I’m grateful for Paul and Diane Manning’s generous commitment, which will ensure more Virginians are able to receive the care and treatment right here in the commonwealth.” 

The Mannings are longtime supporters of UVA and UVA Health’s research efforts. “Our goal is to have the best possible medicine – next-generation medicine – for the residents of Virginia and people around the globe,” Paul Manning said. “We’re building a world-class facility that will compete with anybody … in terms of research, manufacturing and treatment.”

Original source can be found here